Tom Roberts, the head of strategic investment at LGIM Real Assets, said: “This is an excellent acquisition for our annuity portfolio, matching our continued appetite for long term income streams which can offer a hedge against inflation.

“The modern accommodation, which has been fully let to a world class, investment grade institution, and its central location will remain an attractive prospect for Oxford’s student population, whilst providing top quality facilities to help promote a quality education.”

Eleanor Bucks, a managing director for direct investments and real assets at Legal & General Retirement, said: “This transaction is an excellent opportunity to add to our investments in high-quality, long-term UK assets, matching our commitments to securing the pensions of our members and connecting pensions to the UK economy.”